What to do if I can’t currently afford to buyout my other co-owners?

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What to do if I can’t currently afford to buyout my other co-owners?

Both of my parents are deceased and divided a property into thirds because there are 3 children. My siblings said they were willing to sell their portion to me but I have not been able to acquire lending to buy them out as of yet. Because the finances have not been acquired as of yet one of them is now saying they are coming to claim their third of the property. What does this mean to me as the person who wishes to buy the property and have in my possession solely? In other words I’m not moving fast enough for one of them.

Asked on January 5, 2013 under Real Estate Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am so sorry for your loss.  It is a very difficult time to secure financing.  The economy is not so great and it seems that any tiny mark on your credit history will prevent a loan.  What you could do is to ask your siblings to hold the loan themselves and you pay them each month much in the same way as a bank.  With interest they would actually get more money over time (just as a bank does in a traditional loan) and they will still have a right to foreclose should you default.  I would speak with a lawyer about the documents needed and the agreeing on the interest rate.  Good luck.


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